(Millennia Sacramento and Union Pacific issued the following news release on July 22.)
SACRAMENTO, Calif. — Union Pacific Railroad Company and Millennia Sacramento, III, LLC today announced that they have signed an agreement for the sale and purchase of the 240-acre downtown Sacramento Railyards. Completion of the transaction is expected to occur by the end of 2004 and remains subject to Union Pacific board approval as well as the resolution of various strategic issues and arrangements with other parties, including public participation in the project.
Millennia Sacramento is controlled by Stanley E. Thomas, of Thomas Enterprises, Inc., a major national real estate developer, based in Atlanta, GA. Thomas has been a core member of the Millennia Associates group since the inception of the group’s involvement in the project.
The agreement marks a major milestone in a process that began some two years ago when the Millennia team was selected by Union Pacific as the favored developer of the site. This was followed by a Memorandum of Understanding with the City under which Millennia was appointed as master developer of the Railyards site.
“This is the turning point,” said Stanley Thomas. “Now this world class team we have assembled can turn its focus once again to working with the Mayor, Council members and city officials, community leaders and stakeholders to create the most innovative urban redevelopment project in the nation.”
“We are delighted to have reached this important stage of this particularly complex transaction, which is a direct result of our team’s level of commitment, experience and perseverance. We are very excited to begin work on the next phase of this project,” said Eric Levine who has led the Millennia effort and will be continuing in that role.